Mandiri Sekuritas Adhi Karya: FY09F result above consensus estimates (ADHI, Rp415, Buy, TP Rp540)

ADHI’s FY09 revenue reaches Rp7.7tn (+16.2% yoy), and net profit is more than double (to Rp166bn). The figures are above our forecast of Rp6.7tn and Rp91bn, respectively. ADHI’s FY09 net margin increased to 2.1% from 1.2% in 2008. The company is currently trading at PER10 of 7.5x.